MSC.Software Announces Certain Fourth Quarter and Year End Financial Information
16 Februar 2005 - 3:01PM
PR Newswire (US)
MSC.Software Announces Certain Fourth Quarter and Year End
Financial Information SANTA ANA, Calif., Feb. 16
/PRNewswire-FirstCall/ -- MSC.Software Corp. (NYSE:MNS), today
announced certain financial information for the fourth quarter and
year ended December 31, 2004. As previously disclosed, MSC.Software
will restate its financial statements for the periods subsequent to
December 31, 2000. Since the Company is unable to quantify the
exact impact of the restatement on its financial results at this
time, the Company can only give limited information regarding its
fourth quarter and year end results. Cash and investments at
December 31, 2004 stood at $76.6 million compared to $71.8 million
at September 30, 2004 and $48.5 million at December 31, 2003. Cash
flow from operations for FY2004 was $35.0 million. Gross accounts
receivable were $74.7 million at December 31, 2004. Days sales
outstanding (DSOs) were 88 days at December 31, 2004 this compares
to 80 days at September 30, 2004. During the fourth quarter,
operating expenses totaled $47.5 million, including expenses
related to the Audit Committee's independent review of
approximately $2.7 million. Net research and development expense
totaled $7.8 million compared to $6.4 million in the fourth quarter
last year. In the fourth quarter, capitalized software totaled $2.3
million compared to $3.8 million in the fourth quarter last year.
Sales and marketing expense totaled $20.6 million compared to $22.1
million in the fourth quarter last year. General and administrative
expense, including expenses of approximately $2.7 million related
to the independent review, totaled $17.5 million compared to $10.4
million in the fourth quarter of last year. In the fourth quarter
total other expenses were $381,000. For the fiscal year ended
December 31, 2004, operating expenses totaled $176.8 million,
including total expenses related to the Audit Committee's
independent review of approximately $10 million. Net research and
development expense totaled $27.6 million compared to $27.2 million
for the fiscal year ended December 31, 2003. Capitalized software
totaled $14.2 million compared to $12.7 million in FY2003. Sales
and marketing expense totaled $78.2 million compared to $79.0
million in FY2003. General and administrative expense, including
expenses of approximately $10.2 million related to the independent
review, totaled $64.6 million compared to $46.0 million in FY2003.
For FY2004, total other expenses were $1.8 million. The global
sales pipeline, which is the sales management and revenue
forecasting tool that tracks potential customer contracts and
engagements, grew to $333 million. There is no assurance that the
pipeline amounts will result in executed contracts or revenues. In
the fourth quarter, the America's pipeline rose to $125 million and
key software and service transactions were signed with customers
including United Technologies, Ford, Delphi, and GM. In Europe, the
pipeline rose to $90 million and key software and service
engagements were signed with customers including Airbus, Renault,
FIAT and Volvo. In Asia-Pacific, the pipeline totaled $118 million
and key software and service contracts were signed with customers
including Fuji Photo, Fujitsu Nagano, Seiko Epson and Korean Air.
"MSC delivered solid performance in 2004, supported by the strength
of our customer base and the focused efforts of our dedicated
employees. I am very pleased to be stepping into this position as
we end the year with more than $76 million in cash," said William
Weyand, chairman and CEO, MSC.Software. "With the independent
review complete, we can concentrate on getting the restatements
completed and filing our SEC documents. We have a solid product
strategy and a passionate team who are wholly dedicated to making
MSC.Software the absolute best company it can be." Conference Call
A conference call to discuss fourth quarter results is being held
today at 8:30 am PST. This conference call is being Webcast and can
be accessed at the following URL: http://www.mscsoftware.com/ir/,
or by dialing in to (800) 374-0151 in the U.S. or to (706) 634-4981
for International callers. To participate in the live conference
call, use the following conference ID code: 3553723. An archived
version of the conference call will be available at
http://www.mscsoftware.com/ir/. The teleconference replay will be
available for 48 hours after the call at: U.S. (800) 642-1687 or
Intl. (706) 645-9291 using the conference ID code: 1727485. About
MSC.Software Corporation MSC.Software (NYSE:MNS) is the leading
global provider of virtual product development (VPD) products
including simulation software and services that help companies make
money, save time and reduce costs associated with designing and
testing manufactured products. MSC.Software works with thousands of
companies in hundreds of industries to develop better products
faster by utilizing information technology, software and services.
MSC.Software employs more than 1300 people in 22 countries. For
additional information about MSC.Software's products and services,
please visit http://www.mscsoftware.com/. DATASOURCE: MSC.Software
Corporation CONTACT: Investor, Joanne Keates, Vice President,
Investor Relations, +1-714-444-8551, , or Media, Todd Evans,
Corporate Communications, +1-714-445-3066, , both of MSC.Software
Corporation Web site: http://www.mscsoftware.com/ir Web site:
http://www.mscsoftware.com/
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